Most imports are free of licensing requirements. However, there are some restrictions for health, security, or environmental reasons. Medicines must be authorized by the Ministry of Health and agricultural chemicals by the Ministry of Agriculture.
In the event of complaints against the Customs Authorities the importer may appeal to the superior Customs authority or to the courts.
For more details on customs regulations, visit Armenian Customs Service.
Those with higher purchasing power are interested by foreign brand names and new technologies and products. Other "temporary" consumers are also the Armenians who temporarily come from other countries to spend some time in Armenia. Those are the Armenians of the Diaspora who constitute six million people outside Armenia, twice as many as those who live inside Armenia. They mainly live in the USA, Europe (France, Belgium etc) and the Middle East. Their purchasing capacity is greater than the local population and they can contribute to the expansion of some sectors like construction (as they buy properties in their homeland) and are also potential consumers of Armenian traditional items like carpets, wine, jewelry, etc.
Armenia's IT sector receives significant attention as a possible growth industry. It currently employs between 3,500 and 4,000 people. Besides, productivity is high and wages low in comparison with Europe and the USA, and the level of education is quite high, thus making this sector quite competitive.
The clothing sector shows also great prospects. Cheap labor, existing factories and a positive trade regime (including free access to CIS markets) create favorable conditions for investment in light industries like textiles, carpets, footwear and apparel.
Construction has been the leading sector of the economy for the past six years. The sector accounts for 26% of the country's GDP. Growth in construction is mainly driven by an increased demand for higher quality housing funded primarily by remittances. Diaspora Armenians seeking a base in Armenia have also significantly contributed to the sector's demand.
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Last Updates: October 2014